Bloomberg News
LONDON Barclays Capital Group faces a tougher second half as slowing economies curb demand for debt products and takeover activity remains sluggish, said its chief executive, Bob Diamond.
Still, the investment banking unit of Britains third-largest banking company could continue to add as many as 700 employees a year, Mr. Diamond said in an interview. In the current quarter, he said, Barclays Capital has had the strongest pipeline weve ever seen in capital raising.
The units operating profit rose 22% in the first half, to $539 million, and profits from interest income and dealing offset a fall in fees from advisory services.
Matthew Barrett, the chief executive officer of Barclays PLC, doused speculation that he may expand the investment banking unit by acquiring a rival. We are not in the market for buying an equities business, he said at a press conference Thursday. We will continue our organic growth in the debt market."
